Friday, May 30, 2025
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OP-ED: How Recent Ownership Contributed to Building’s Decline
Editor’s Note: The following op-ed offers a fascinating view of how and why a building, such those at 201 South Harrison Street, 13 West Broadway Street, and 15-17 West Broadway, could be allowed to go into disrepair by the owners. George Young, a Shelbyville native with family ties to the former livery/Adams Glass building on West Broadway, has closely followed the property’s fate in recent years. The following report is based on his research into the ownership and financial history of the building and surrounding parcels.
by GEORGE YOUNG
The old Broadway Livery building in downtown Shelbyville (now known by a more recent occupant, Adams Glass —originally constructed in the 1890s and owned for many years by local families—was recently slated for demolition. While the building's age and condition contributed to its decline, records indicate its deterioration occurred in conjunction with a rapid series of ownership transfers and financial transactions over a short period of time.
In early 2020, the building and two adjacent parcels—13 Broadway and 201 Harrison Street—were sold for $50,000. What followed was a series of ownership changes and loans involving multiple limited liability companies (LLCs), all tied to a single investor from Hendricks County. Property and corporate records from the Indiana Secretary of State and the Shelby County Assessor's Office show that between February 2020 and March 2021, the properties changed hands at least five times.
Timeline of Transactions:
February 2020: Empire Properties acquired the three Shelbyville properties, then transferred them the same day to Indy Acquisitions LLC.
March–August 2020: Indy Acquisitions secured multiple loans using the properties as collateral—initially $500,000, then $765,000, followed by an $840,000 loan.
August 2020: The properties were bundled with others and used to secure a $3.2 million loan through JL Capital Holdings LLC, another entity tied to the single investor.
January 2021: The three Shelbyville properties were transferred for $10 to Investors Funding LLC, also owned by the same investor.
February–March 2021: Additional transfers were made between related entities, including Haep Capital TRX LLC and Indy Asset LLC. The latter, formed in January 2021, ultimately secured a $2.1 million loan.
Throughout this period, many of the companies involved were short-lived, with some later dissolved by the state for failing to file annual reports. Corporate records show several of the entities shared registered agents and mailing addresses.
In March 2025, the Indiana Business Journal published an article detailing similar patterns across dozens of other properties connected to the investor and his brother. The report cited more than 200 lawsuits involving the brothers, many alleging inflated appraisals, deceptive investment pitches, and use of shell companies to obscure financial dealings.
While there have been no criminal charges filed at this time, civil litigation remains ongoing. In several cases, plaintiffs allege that the properties were used to obtain financing at values far above market rates through inter-company transfers and misleading representations.
Locally, the city has moved forward with demolition of the building, with estimated costs of at least $247,950. Those costs are being shouldered by the city at this time.
The broader legal and financial implications remain under review, with additional documentation and outcomes from civil proceedings still developing.
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NOTEBOOK:
The Shelbyville Plan Commission this week issued a favorable recommendation on a rezone request, from Light Industrial to Institutional, by St. Joseph Catholic Church regarding property in the southwest corner of S. Noble St. and E. Hendricks St., located on the northern side of a public alley.
It may be a non-election year, but local Democrats and Republicans will still be under the grandstands at the Shelby County Fair. One local Republican called it “the last fair until after the 2026 Primary Elections.” Both parties will have an assortment of give-aways, such as yardsticks, notepads and patriotic totes. Local Democrats said they would also be passing out copies of the Constitution.
The 2nd Annual Tom Harding Memorial Golf Outing is this Sunday, June 1, with registration from 10 to 10:45 a.m., and the shotgun start at 11 a.m., at Blue Bear Golf Course.
HOOSIER NEWS: Columbus township trustee Ben Jackson used approximately $1.12 million in public dollars to pay for vacations, his children’s school tuition, and personal expenses such as landscaping and cannabis. That’s according to an Indiana State Board of Accounts investigation released this month. The audit looked at trustee spending between 2016 and 2024. Jackson, a Republican, became township trustee in 2013. The report shows the office’s annual spending spiked in the years following. The State opened an investigation into credit card expenditures for the office spanning Dec. 14, 2016 to Nov. 22, 2024. Jackson resigned from his trustee seat in November. The state found nearly all the spending on Jackson’s trustee card was personal: $1.12 million of the $1.28 million he charged to the account during that time. Jackson must repay the township more than $1.3 million for unauthorized use of the township credit card and personal use of the township’s Sam’s Club card. This includes the state’s special investigation costs of $145,929. He and his children are also being asked to pay back $77,998 in tuition funds, included in the total. No charges have been filed against Jackson yet. The Indiana State Police’s investigation is ongoing. (Indiana Public Media)
NATIONAL NEWS: Global sales of Nespresso hit 1.6 billion Swiss francs (US$1.9 billion) over the first quarter of the year, up 5.7 percent year over year, and fueled in large part by growth in the United States. To some extent, Americans are catching on to the appeal of the European-style, espresso-forward form of making coffee. However, a lot of that growth is actually fueled by innovation and a concession to the American market in the form of iced coffee, as half of American Nespresso users use the machines to make cold coffee. (Wall Street Journal/Numlock)
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SHS Courier Archive Highlights
April 17, 1978
“Blake Ress continued his reign as the Sultan of Syllables as he took on the task of emcee and timekeeper for the two-hour (Winter Sports) program.” Jeff Lewis was named the Paul Cross Award winner. SHS booster Don Baumgartner presented the award. Nancy Cole received the Zonta Club Award for her combination of academic and athletic achievements. The boys swimming team, coached by Al Smith, voted senior four-year letter winner Dan Oeffinger as its MVP. Diane Oeffinger was cited as the girls’ swim team’s MVP.
Tux rentals for prom ranged from $28 to $39.75. Students typically rented from Top Hat in Washingston Square or West’s Mens Wear on East Washington. Todd Bennett’s on the circle was another option. The theme was “Evening in Paris.” Barry McKenney, junior class president, would crown the prom queen. Candidates were Lisa Knarr, Carla Miller and Cindy Miller. Escorts were David Green, Tim Bowles and Scott Coers.
Over 60 students were participating in the musical, “How to Succeed in Business Without Really Trying.” The cast included lead roles by Denise Duba, Jeff Horstman, Roger Emerich, Matt Metz, Gina Everman, Tami Ruschhaupt and Chris Ribble. David Finkel was the technical director.
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This Day in Shelby County History
News around Shelbyville and the surrounding area as reported on or about this date in history. Selections are curated by The Addison Times from Shelby County Public Library Genealogy Department materials.
2005: Recipients of the Christian Quality of Patience Award at St. Joseph Catholic School were Josie Roell, Bailey Goebel, Cora Reinhart, Jackie Fritz, Reed Kern, Alex Price and Tetsuyo Takeguchi. Recipients of the Christian Quality of Self-Control Award were Matt Kenkel, Hannah O’Connor, Hailey Knecht, Jacqueline Lux, Joe McCrickard, Misa Takeguchi and Evita Koth.
1995: Something caused the alarms at two banks to sound at 9:30 a.m., but no one knew what. The alarms sounded at Society Bank, 18 Public Square, and National City Bank’s branch at 748 S. Harrison St. But PSI Energy said there were no power outages or surges. Bank officials said they were confused, but nothing appeared to be out of order.
1985: Several business burglaries occurred in Fairland. Cinde’s Hair Pro, Fairland Soil Service and Fairland Auto Service all reported break-ins overnight, with various items stolen.
1975: Police responded to a call from a Walker St. resident saying a neighbor was “tearing down a house with an ax.” Officers arrived and found a house porch roof sagging and the supports knocked out. Police had previously told the neighbors to stop interacting, or charges would be filed. The man was jailed for malicious trespassing.
1965: Addison Township first graders went to Greensburg on the train for a field trip, followed by a picnic in Morrison Park. Miss Loretta Buescher, Mrs. Erma Baker, Mrs. Thomas, Mrs. Miller, Mrs. Callahan and Mrs. Peters all served as chaperones.
Coulston Elementary hosted a pet parade to close the year. The following students and animals were featured: Kent Koester, parakeet; Valynnda Fairchild, goldfish; Sherry Gahimer, turtle; Tom Crouch, puppy; Mike Fuchs, rabbit; Sally Yarber, dog; Lisa Gardner, guinea pig; Julie McVey, guinea pig; Patty Phares, kitten; Vicki Oberman, turtle; Tom Balting, kitten; Steve Smith, guppies; John Walker, hamster; Jeff Mount, guinea pig; Terry Brown, kitten; Jeff Phares, guinea pig; and Julie Bales, dog.
1955: Although the city said they would continue to sponsor the public pool after its long-time sponsor opted out, temperatures in the low 60s kept Porter Pool from opening. Mayor Philip Banawitz said he would ensure the pool opened as soon as temperatures increased.
1945: The Bailey Bros. three-ring circus was on its way to Shelbyville, with plans to set up west of Porter Pool. More than 300 performers and wild animals would take part in the show.
Morristown’s Church of the Nazarene observed their 26th anniversary with a special service. Harry Carmony read the history of the church at the event.
1935: Hundreds of locals convened at City Cemetery to commemorate those who had died in military service. The high school band and 300 school children led a parade from the courthouse to the cemetery via Mechanic and West streets. Fred Cramer, local attorney, was the special speaker. Cramer said the average age of the local Spanish War veteran was 63. “Probably all of us are pacifists, in that we are a peace-loving people and opposed to war,” he said. “But even pacifists will defend their rights when those rights are endangered.” He also quoted President Wilson: “I’m opposed to war, but I’m not in favor of peace at any price.”
1925: The Colored Knights of Pythias held a dance on Public Square. About 70 couples, many visiting from Indianapolis, participated. Refreshments included sandwiches, ice cream and soft drinks.
1915: Shelbyville native Burton Steinhauser was receiving acclaim for his operation of The Fountain Theatre in Terre Haute. Steinhauser, whose parents lived in Shelbyville, was known for his attention to detail and investment in good projection.
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OBITUARIES
None today.